Oil prices surge after U.S. crude inventories fall


Oil prices in Asia surged on Wednesday as U.S. crude inventories were lower than what was expected as reported by the American Petroleum Institute.

U.S. Crude Oil Futures had a 1% increase ($55.48/barrel) and International Brent Oil Futures climbed 0.7% ($59.44/barrel).

The API data revealed the extremely low inventories of U.S. crude which plunged by 11.1 million barrels from the forecasted 2 million barrel loss.

The Agency Information Administration will also be releasing its data of petroleum inventories that anticipates a 2.1 million barrel fall for the week.

The unyielding U.S. – China trade war also causes oil prices to surge. But the latest development that China is open to peaceful negotiations with the U.S. for a trade deal somewhat helped stabilize the oil prices and the global oil market.

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